A new legal framework has been passed by France to bring some structure and guidance to ICOs…
With the European Union considering how to approach cryptocurrencies and regulation, as we reported here, France has seized some of the initiative and started introducing its own guidelines for ICOs.
In fact, it’s passed into law a new framework, that’s been formally announced by the country’s finance minister, Bruno Le Maire. He confirmed on Twitter the following…
✅Article 26 adopté en commission #PACTE !
➡️Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
➡️Ce cadre juridique va attirer les innovateurs du monde entier #blockchain #DirectAN
— Bruno Le Maire (@BrunoLeMaire) September 12, 2018
The rough translation of that is that article 26 has been adopted, which creates a legal framework for ICOs. He also argues that because of said framework, blockchain innovators across the world will be attracted to France
French regulators can now issue permits to businesses who want to introduce and float ICOs in France. The condition is that the “projects provide specific guarantees for investors”. Transparency is built in too, with full disclosure required to the French financial regulator.
It comes as France is emerging as one of the friendliest nations towards cryptocurrency. It follows the country cutting tax on cryptocurrency to 19% early in the year, half the previous rate. It had been consulting on the new legal framework for crypto for many months before formally introducing it.
It’ll be interesting to see the line taken by the broader EU as it continues its own discussions on ICOs and crypto…